The Board’s work is governed by the rules of procedure as established annually by the Board. The rules of procedure govern such matters as the distribution of tasks and responsibilities between the Board, the Chairman of the Board and the CEO, and detail procedures for the CEO’s financial reporting.
The Board also adopts rules of procedure for the Board’s committees. The tasks of the Board include establishing strategies, business plans and budgets, issuing interim reports, financial statements as well as adopting policies. The Board shall also monitor financial developments, ensure the quality of financial reporting and control functions, and evaluate the company’s operations based on such established targets and policies as adopted by the Board. Finally, the Board also decides on major investments and organizational and operational changes in the company.
The Chairman of the Board shall monitor the company’s financial results in close cooperation with the CEO, and chair Board meetings. The Chairman of the Board heads the Board’s work and the Board members, and creates an open and constructive dialogue. The Chairman’s tasks also include monitoring and evaluating the skills, work and contributions of individual Board members to the Board.
In addition to the regular Board members, the CEO and the CFO (Chief Financial Officer) also participate in Board meetings. The Group’s CGO (Chief Governance Officer) serves as secretary to the Board. Other members of Group Management and other executives report on specific matters.